Stocks Slightly Higher into Final Hour on Diminishing Global Growth Fears, Short-Covering, Metals/Mining Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.67 -.36%
  

• ISE Sentiment Index 116.0unch.

• Total Put/Call .98 +5.38%

• NYSE Arms .83 +5.11%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.46 +1.09%

• European Financial Sector CDS Index 157.75 +1.89%

• Western Europe Sovereign Debt CDS Index 106.78 +.28%

• Emerging Market CDS Index 232.93 -.19%

• 2-Year Swap Spread 16.0 -.75 bp

• TED Spread 22.75 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.75 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 171.0 -3 bps

• China Import Iron Ore Spot $155.10/Metric Tonne+.58%

• Citi US Economic Surprise Index -29.8 +.1 point

• 10-Year TIPS Spread 2.55 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -30 open in Japan

• DAX Futures: Indicating -2 open in Germany

Portfolio:

• Higher: On gains in my tech/medical sector longs and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 50% Net Long